Press Releases

A stunning development today in the ongoing controversy over whether someone on Capitol Hill is pretending to be Barney Frank. Financial Services Committee Chairman Spencer Bachus announced a videotape of the apparent impersonator has surfaced.  Chairman Bachus on Thursday made the videotape available to the press. Although Rep. Frank did not express concerns about a possible… Read more »

Witnesses testifying before a House Subcommittee on Wednesday expressed support for legislation to change the leadership structure of the new Consumer Financial Protection Bureau (CFPB) so it is governed by a bipartisan commission rather than a single director appointed by the President.   The Subcommittee on Financial Institutions and Consumer Credit on Wednesday held a hearing to… Read more »

The Capital Markets and Government Sponsored Enterprises Subcommittee approved eight bills on Wednesday that provide for immediate reforms to protect taxpayers by fundamentally reforming Fannie Mae and Freddie Mac. The bills include reforms that suspend lavish compensation for executives at Fannie Mae and Freddie Mac, eliminate the affordable housing goals, increase the guarantee fees,… Read more »

Financial Services Committee Chairman Spencer Bachus issued this statement about someone impersonating Ranking Member Barney Frank:   “There certainly does need to be an investigation into who is impersonating Barney Frank because someone who looks and sounds exactly like him said on June 29, 2010, and this is verbatim: ‘I believe we will need a technical corrections bill that… Read more »

Financial Services Committee Member Rep. Carolyn Maloney spoke out today against a proposal that places the new Consumer Financial Protection Bureau under the leadership of a bipartisan commission. At a subcommittee hearing Wednesday morning, Rep. Maloney named the Federal Reserve, the Commodity Futures Trading Commission, and the Office of the Comptroller of the Currency as examples… Read more »

The Insurance, Housing and Community Opportunity Subcommittee, chaired by Rep. Judy Biggert, approved legislation today to reform the National Flood Insurance Program (NFIP). H.R. 1309, introduced by Subcommittee Chairman Biggert, provides for long-term reauthorization of the NFIP and includes important reforms to improve its financial stability, reduce the burden on taxpayers, and… Read more »

Democrats on the Financial Services Committee, who blocked Republican efforts to reform Fannie Mae and Freddie Mac during debate over financial regulatory reform in 2009 and 2010, on Tuesday used delaying tactics and obstructionist parliamentary maneuvers in an attempt to stall progress on eight Republican bills to bring needed reforms to the bailed out mortgage giants.   The… Read more »

Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul announced today the Subcommittee will convene for a hearing on improving the U.S. Mint’s bullion coin programs. The hearing will take place on Thursday, April 7 at 10 a.m. in room 2128 Rayburn. Subcommittee Chairman Paul said, “I look forward to this hearing on the Mint’s bullion coin program, identifying ongoing… Read more »

Financial Services Committee Chairman Spencer Bachus made the following comments on Monday after receiving a letter from Elizabeth Warren concerning her now-confirmed “active” participation in ongoing mortgage settlement talks.   “Professor Warren’s clarification of her role in these talks is welcomed. Whereas she had previously resisted calling herself a participant, we now… Read more »

A report detailing the multi-million dollar compensation paid to top executives of bailed out mortgage giants Fannie Mae and Freddie Mac should give Financial Services Committee Chairman Spencer Bachus’s bill to suspend these taxpayer-funded salaries a boost.   Chairman Bachus re-introduced legislation to suspend the compensation packages for executives of Fannie Mae and Freddie… Read more »